China’s largest real estate developers, China Vanke and Dalian Wanda Group, operate at a scale that makes New York’s giants look small.
Wanda’s assets in 2014 totaled $85.6 billion, according to the company’s website, with a portfolio of more than 225 million square feet. Meanwhile, Vanke’s assets totaled $82 billion, with a portfolio of 410 million square feet according to Fitch. Last month, the two firms announced an alliance that industry experts told The Real Deal could eventually have a significant impact on their international activity, especially in global hubs like New York City...
Going big in the Big Apple
New York is “definitively one of the important markets'” for both companies, said Mo, who’s worked with both companies for years.
In 2013, Jianlin announced Wanda was in talks with potential partners to build a luxury hotel and an adjacent apartment building in Manhattan, according to Reuters. That deal never panned out.
Rendering of No. 1 Sydney in Sydney, Australia
A project in Sydney that did come to pass, however, offers insight into the firm’s approach.
This January, Wanda bought a pair of adjacent buildings near the Sydney Opera House for a combined $383 million. Wanda said it is investing about $1 billion to build a five-star, 160-room hotel with accompanying luxury apartments and retail space.
Wanda’s luxury hotel and apartments project in London, at One Nine Elms, purchased in 2013, followed the same prime-location, luxury-mixed-use blueprint.
Wanda and Vanke “have been disciplined,” said Borja Sierra, U.S. head of capital markets at Savills Studley. “They’ve said no to a lot of opportunities. They don’t only want to have an asset. They want to buy the right place...”What the Vanke-Wanda partnership means for New York
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National Office Sector Report (Q4 2014)